Trump metals tariffs are self-sabotage, Australia Treasurer says
US tariffs on steel and aluminum are “self-defeating” and Australia merits better treatment, Treasurer Jim Chalmers said, adding the overall economic impact of President Donald Trump’s levies to date would be relatively small.
“We’re not uniquely disadvantaged by the sorts of tariffs coming out of DC, but we deserve better as a long-term partner and ally,” Chalmers told the Australian Broadcasting on Tuesday. “These sorts of tariffs are self-defeating, they’ve self-sabotaging, they’re a recipe for less growth and higher inflation, not just in the US but around the world.”
Chalmers will deliver his fourth national budget on March 25 ahead of an election that must be held by mid-May. The Australian treasurer said the vote would focus on making the national economy “more resilient at a time of very serious global economic uncertainty.”
In a pre-budget speech to be delivered Tuesday, Chalmers is expected to say the forecast impact on Australian growth from the tariffs on steel and aluminum imposed by the Trump administration last week is expected to be “less than 0.02% by 2030.”
Australia lobbied heavily in Washington to get an exemption from the tariffs, but in the end there was no carve out, despite Trump saying he would consider the proposal.
Now Canberra’s attention has turned to new tariffs expected to be announced by Trump in April, with concerns Australia’s major exports to the US could be affected, including beef and pharmaceuticals.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...
VISIT SHOWROOM
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
